RxSight (NASDAQ:RXST) Downgraded to Neutral Rating by UBS Group

UBS Group lowered shares of RxSight (NASDAQ:RXST) from a buy rating to a neutral rating in a research report sent to investors on Wednesday, Marketbeat reports. UBS Group currently has $16.00 price target on the stock, down from their prior price target of $45.00.

Other analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $17.00 price target (down previously from $40.00) on shares of RxSight in a research note on Friday, April 4th. Stifel Nicolaus decreased their target price on shares of RxSight from $33.00 to $28.00 and set a “hold” rating for the company in a research note on Wednesday, March 19th. Needham & Company LLC reaffirmed a “buy” rating and set a $43.00 price objective on shares of RxSight in a research note on Thursday, April 3rd. Wells Fargo & Company lowered their target price on RxSight from $35.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 3rd. Finally, Bank of America reissued an “underperform” rating and issued a $22.00 target price (down previously from $36.00) on shares of RxSight in a report on Thursday, April 3rd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $39.78.

RxSight Stock Down 7.8 %

RxSight stock traded down $1.20 during mid-day trading on Wednesday, reaching $14.31. 277,692 shares of the company’s stock were exchanged, compared to its average volume of 595,881. The company has a fifty day moving average of $26.42 and a 200-day moving average of $36.70. The company has a market cap of $579.26 million, a P/E ratio of -17.09 and a beta of 1.26. RxSight has a twelve month low of $14.07 and a twelve month high of $66.54.

RxSight (NASDAQ:RXST) last issued its earnings results on Tuesday, February 25th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.25). RxSight had a negative net margin of 23.92% and a negative return on equity of 14.00%. The firm had revenue of $40.21 million during the quarter, compared to analyst estimates of $40.23 million. Equities research analysts expect that RxSight will post -0.7 earnings per share for the current fiscal year.

Insider Buying and Selling

In other RxSight news, Director Tamara Fountain sold 7,000 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $25.71, for a total value of $179,970.00. Following the transaction, the director now owns 24,793 shares of the company’s stock, valued at $637,428.03. This trade represents a 22.02 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jesse Anderson Corley purchased 1,443 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The stock was bought at an average cost of $31.18 per share, for a total transaction of $44,992.74. Following the acquisition, the director now owns 1,443 shares in the company, valued at approximately $44,992.74. The trade was a ? increase in their position. The disclosure for this purchase can be found here. Insiders own 9.36% of the company’s stock.

Institutional Investors Weigh In On RxSight

Institutional investors have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company raised its position in RxSight by 1.9% in the third quarter. The Manufacturers Life Insurance Company now owns 20,911 shares of the company’s stock worth $1,034,000 after acquiring an additional 399 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in RxSight by 8.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 68,818 shares of the company’s stock valued at $3,402,000 after purchasing an additional 5,266 shares during the last quarter. HighTower Advisors LLC lifted its stake in RxSight by 37.8% during the third quarter. HighTower Advisors LLC now owns 13,013 shares of the company’s stock valued at $640,000 after purchasing an additional 3,571 shares during the last quarter. Janus Henderson Group PLC grew its position in RxSight by 35.5% in the third quarter. Janus Henderson Group PLC now owns 14,500 shares of the company’s stock worth $716,000 after buying an additional 3,800 shares during the last quarter. Finally, Quarry LP increased its holdings in shares of RxSight by 82.3% in the third quarter. Quarry LP now owns 638 shares of the company’s stock valued at $32,000 after buying an additional 288 shares in the last quarter. Institutional investors and hedge funds own 78.78% of the company’s stock.

About RxSight

RxSight, Inc, a commercial-stage medical device company, engages in the research and development, manufacture, and sale of light adjustable intraocular lenses (LAL) used in cataract surgery in the United States and internationally. It offers RxSight system that enables doctors to customize and enhance the visual acuity for patients after cataract surgery.